Six oil tankers bound for S. Korea after passing Strait of Hormuz set to arrive by next week

As renewed armed conflict between the United States and Iran raises fresh concerns over Middle East oil supply chain risks, all six oil tankers bound for South Korea that have passed through the Strait of Hormuz are expected to arrive by next week.

The government said South Korean refiners have proactively secured crude oil import volumes for July and August at more than 100 percent of the same period last year, ruling out any immediate risk of a supply disruption.

According to the Ministry of Trade, Industry and Energy, of the six oil tankers headed to South Korea that passed through the Strait of Hormuz after the US-Iran ceasefire MOU on June 17, three are scheduled to arrive Thursday and Friday. The remaining three are expected to dock next week. With their arrival, all tankers set to pass through the strait en route to South Korea will have entered domestic ports.

The ministry said crude oil import volumes for July and August have been secured at more than 100 percent of the previous year's average for the same period, while September imports stand at 76 percent of last year's level.

To encourage gas stations to pass on the seventh round of price ceiling cuts to consumers, authorities are publishing a list of high-priced stations — compiled by civic groups — and expanding the number of stations subject to special inspections from 1,000 to 3,000.

The government announced the seventh round of maximum oil price standards on June 26, cutting prices for regular gasoline, diesel and kerosene by 150 won per liter each. Current refinery supply prices stand at 1,784 won per liter for regular gasoline, 1,773 won for diesel and 1,380 won for kerosene.

The government is focusing its monitoring on stations that have been slow to lower prices, broken down by region and brand — including independent and budget operators. Stations that have yet to cut prices even after exhausting existing inventory will be subject to special inspections.